Fresno County's First-Time Homebuyer Program
Available Assistance
Fresno County’s 1st Time Homebuyer Program offers eligible applicants a zero-interest, deferred payment loan of up to 20% of the purchase price plus closing costs, with a minimum of $1,000. Repayment of the loan is deferred for 30 years or until the primary mortgage is paid off, whichever occurs first. The balance of the loan is due upon a change of title or non-occupancy by the borrower.
Eligibility Requirements
To qualify for Fresno County’s 1st Time Homebuyer Program, all applicants must be first-time homebuyers; those who have not owned a home in the previous three years. Eligible applicants must fall within the program’s income limits (shown below) and complete a Home Training course. Borrowers are responsible for qualifying for and securing a first mortgage and are required to contribute a minimum cash investment of 1.5% of the sales price. These funds must be documented and maybe a “gift” from a blood relative. The maximum debt to income ratio (back-end) is 43%, and all the borrower’s credit and collection accounts must be current by the close of escrow.
Property Guidelines
Any property purchased with program funds must serve as the borrower’s primary residence; it cannot be an investment property. Eligible property types include single-family residences or condominiums in unincorporated Fresno County or the cities of Fowler, Kerman, Kingsburg, Mendota, Reedley, and Selma. All homes must meet current building code health and safety standards. The lower of the appraised value or purchase price cannot exceed $279,000 for an existing single-family residence.
Income Limits
1-person household: $39,150
2-person household: $44,750
3-person household: $50,350
4-person household: $55,900
5-person household: $60,400
6-person household: $64,850
7-person household: $69,350
8-person household: $73,800
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.
First-Time Homebuyer Programs in California
City of Oakland First Time Homebuyer Mortgage Assistance Program (MAP)
The City of Oakland offers low- to moderate-income first-time homebuyers the Mortgage Assistance Program. Program applicants receive assistance funds in order to help offset the costs of purchasing a new home.
Fremont First-Time Homebuyer Program BMP Homes
The City of Fremont offers first-time homebuyers assistance with its Below Market Price Homes program to help residents afford and purchase their first-home.
Fresno County's First-Time Homebuyer Program
California’s Fresno County offers the 1st Time Homebuyer Program in an effort to help eligible low- and moderate-income families purchase their first home in the unincorporated area and partner cities.
City of Norwalk First Time Home Buyer Program
The City of Norwalk's First Time Home Buyer program helps low-income families the opportunity to affordably purchase their first home.
County of San Diego’s First-Time Homebuyer Down Payment and Closing Cost Assistance Program
In order to help low- and moderate-income first-time homebuyers, the San Diego Housing Commission administered the County of San Diego's First-Time Homebuyer Down Payment and Closing Cost Assistance Program.
San Diego Housing Commission (SDHC) First-Time Homebuyer Program
The San Diego Housing Commission (SDHC) First-Time Homebuyer Program can assist eligible buyers with the purchase of single-family homes, townhomes, or condominiums.
Los Angeles First-Time Home Mortgage Program
Under the First Home Mortgage Program, applicants can receive up to 4 percent of the total first mortgage amount to be put toward paying the down payment and closing cost assistance. This assistance comes in the form of a grant, which has no repayment terms.
Moderate Income Purchase Assistance Program
The Moderate Income Purchase Assistance Program helps first-time, moderate income homebuyers purchase homes by providing loans to cover the down payment, acquisition, and closing costs.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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